Change is the only constant – a phrase that resonates well with almost every product, especially in the food and beverages and consumer goods sectors. That said, the former is equally dependent on the invaluable liking for legendary food products. And, this trend will define how companies in the global biscuits market shape their future. A report by Transparency Market Research says that the success of players in the global market for biscuits will rely on how well they create a balance between launching new products and sustaining the demand for traditional offerings. Almost one-third of the total revenues in the global biscuits market came from plain biscuits – US$ 25 mn, a value that explains the importance of this behemoth segment.
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Pegged at US$ 76.38 bn, the global biscuits market is expected to grow at 4.70% CAGR between 2017 and 2025. For such a huge market, the eight-year forecast period offers growth opportunities worth US$ 33 bn, making the global biscuits market a US$ 109.95 bn industry.
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Fancy is, perhaps, the right term that describes ingredient to tantalize the taste buds of millennials. From exotic products to overwhelming appearances, millennials look for products that find a way to their heart through the tummy. This underlying aspect has kept most players, new and old, in profiling consumer expectations, especially youth.
With affordability taking a back seat in emerging economies like India, companies are foraying into a range of exotic biscuits, face-lifting their brand value. For instance, Parle, with a bedrock position in the market, did linger around with efforts to revive its product line few years ago. But, a quick analysis and prompt reaction to the evolving market, changed the fortunes of the company, once again. After tasting success with its best-selling product Hide and Seek, Parle recently ventured into its range of exotic cookies.
Explore Transparency Market Research’s award-winning coverage of the global (Food & Beverages) Industry:
The global biscuits market is segmented based on:
- Sweet Biscuits
- Convenience Store
- Specialty Store
- Online Retail
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
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